Pump Dips 23% Within Hours as Selling Intensifies: Will it Drop More?

The PUMP token experienced a dramatic 23.2% drop within hours, plummeting to $0.005294 as profit-taking by early holders accelerated. On-chain data reveals aggressive selling by top wallets, with the top 10 realizing over $17 million in profits. Notably, 95% of these wallets have fully exited their positions.

Smart money wallets, known for high win rates, reduced their holdings by 34.5%, now holding just 3.17 billion tokens compared to 4.3 billion earlier. Whale wallets also saw a 3.63% decline in balances, indicating large-scale sell-offs. Despite buyback efforts, sustained selling pressure continues to outweigh repurchases.

The unrealized profit leaderboard suggests further downside risk unless key support levels are reclaimed. Market sentiment remains bearish as whales capitalize on gains, leaving retail investors to navigate the volatility.